Sydney: David Bell, Chief Executive of the Australian Bankers’ Association, has been elected as the new Chairman of the International Banking Federation (IBFed) following the retirement of Ian Mullen, Chief Executive of the British Bankers’ Association.

Speaking at the board meeting held in Sydney, Australia, on the third anniversary of the Federation’s inauguration, Mr Bell recalled its successes under Mr Mullen’s chairmanship.

Mr Bell said: “Ian has been a very effective Chairman leading the debate on a range of banking and public policy issues which affect banks globally.  Special attention has been paid to regulatory developments in corporate governance, international accounting standards, prudential supervision, as well as taking steps to help members counter cybercrime.”

“Financial liberalisation, technological advances and sophisticated financial risk management have made themselves felt across banks and financial markets across the globe.  Regulatory frameworks too have been converging through the establishment of common standards, such as Basel and International Accounting Standards.”

“Banking operations today are often affected, directly or indirectly, by regulation elsewhere. So it is vital that banks are represented at an international level to enable discussion and information exchange about the growing regulatory demands,” Mr Bell said.

The list of global initiatives which require attention has been growing continuously and apart for existing work include:

• a submission to the International Organization of Securities Commission’s (IOSCO) consultation paper ‘Principles for the Valuation of Hedge Fund Portfolios’. IOSCO notes the chief aim of these Principles is to seek to ensure that hedge funds' financial instruments are appropriately and transparently valued, in particular, that these values are not distorted to the disadvantage of fund investors. 
• a submission to the IOSCO consultation paper on the Code of Conduct for Credit Ratings Agencies (CRA). The IOSCO Code which was published in December 2004 includes a set of provisions designed to assist investors and enhance market efficiency by improving the transparency by which CRAs decide ratings and guard against conflicts of interest as well as other factors that might influence the analysis carried out by a CRA.
• a review of financial crime in payments systems as it applies to cross border transactions.

Mr Bell said: “Under Ian Mullen’s leadership the IBFed has become an effective advocate for its members amongst regulators internationally.  In doing so the IBFed Board has met with key officials and politicians in the United States, Britain, Europe and Canada.”

“Mr Mullen’s final major contribution has been to expand the horizons of the IBFed by inviting senior representatives from the banking associations in China and India to participate in the Board’s discussions in Australia.  I wish Ian well in his retirement.”

Mr Mullen welcomed Mr Bell’s appointment saying: “I have been really grateful for the extraordinary support provided by the whole of the board during the three years that I have been Chairman and in particular for the support given to me by David.  Every aspect of banking, wherever in the world it originates, now has an international effect and the workload of IBFed continues to grow. I wish David every success at the helm of what is the only organisation that truly represents – and very effectively so - banking across the entire globe.”


(ENDS)


For further information contact:

IBFed Secretariat
Brian Capon, head of BBA media relations (0) 20 7216 8810